NEW YORK (Reuters) - Bank executives are cautious about slamming the lawmakers trying to rein in Wall Street excess, leaving the impassioned arguments to their armies of lobbyists in Washington.

Bankers, analysts and other financial experts at the Reuters Global Finance Summit in New York this week, chose their words carefully when talking about policymakers and members of Congress, acknowledging the need for some reform as long as it does not torpedo the industry.

"The industry rightfully deserves a good portion of the regulation that we're about to see, and there will be some extremes and there will be some unintended consequences," said Denis Salamone, chief operating officer of Hudson City Bancorp (HCBK.O: Quote, Profile, Research, Stock Buzz), the largest U.S. savings and loan.

Like many in the industry, Salamone argued that over-regulating banks will just hurt consumers.